Turbine Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Turbine Market Analysis
On account of the growing demand for power generation and expanding industrial infrastructure, especially in emerging economies, the turbine market is likely to witness a CAGR of around 8.1% during the forecast period. During 2018, the demand for electricity was nearly 26 thousand-terawatt hour (TWh), of which the electricity demand for the industrial purpose was the highest, and it is expected to have the highest demand during the forecast period. With the rising demand for electricity, focus on clean energy usage is likely to lead to the power generation industry during the upcoming years. Technology such as wind-powered turbines, hydropower turbines, and gas-fired power plants is expected to get a big boost during the forecast period. The drivers for the turbine market are the reducing cost of wind turbines and the various initiatives taken by national and international bodies for the increase in uses of renewable sources to stabilize the carbon production across the globe. However, the phasing-out of coal-powered power plants across the world is expected to act as a restraint for the market.
- The wind turbine market to expand as the world's significant source of renewable electricity generation by 2025, and is expected to play a critical role in decarbonizing the power system and improving flexibility.
- With rising initiatives to have alternate sources of energy such as wind, hydro, and natural gas, there is a very high possibility of having turbines that are compatible to run by various renewable sources. It is expected to have an electricity demand of nearly 39 thousand TWh by 2040, which is expected to create an opportunity for the market to grow in the future.
- Asia-Pacific is one of the prominent turbine markets with the majority of the wind, hydro, coal, and nuclear-powered projects presence. China is a prominent country within the region that covers the majority market share of turbines. With 1000 gigawatts of existing coal power plants, China is planning to add up 121-gigawatt coal power plants in the coming years.
Turbine Market Trends
This section covers the major market trends shaping the Turbines Market according to our research experts:
Wind Turbine Segment to Grow at the Fastest Rate
- Wind turbines are being used for power generation, having previously been used for various other applications, such as sailing, agriculture, grinding, and others. From an emerging power source, 20 years ago, wind turbine technology has been transformed into a commercial electricity-generating technology in more than 80 countries.
- The global wind power installations increased from 14.86 GW in 2006 to 591 GW in 2018. The overall growth of the number of turbine installations made during 2006-2018 was primarily driven by declining costs, due to improved materials and design, and favorable government policies for wind power in major wind power countries, such as China, the United States, Denmark, Germany, the United Kingdom, and India.
- The exponential growth in the wind turbine market is supported by depleting fossil fuel reserves, declining cost of wind power generation, growing sensitivity toward environmental issues, and support from various governments around the world, through financial incentives.
Asia-Pacific to Dominate the Market
- Asia-Pacific is a significant market with a large number of coal-powered, and nuclear-powered power plant. During 2018, China has nearly 53 coal-powered plants, and 46 nuclear plants. Furthermore, the country has the highest installed capacity in both hydro and wind power projects.
- Apart from China, India is a prominent country that generates most of the electricity from coal power plants. As an initiative to have a greener environment, India has a cumulative installed capacity of around 80 gigawatts (wind energy and hydro energy) in 2018 and is expected to double the wind energy installed capacity by 2022.
- During the forecast period, the region is expected to have significant growth in the turbine market. Coal powered plant that includes steam turbine as a power generation unit is likely to continue as a significant market share in the power generation market.
- Apart from the coal-powered power plant, Asia Pacific is also expected to play a significant role in wind energy. China and India are planning to increase its wind energy contribution to its energy mix, to nearly 26% and 17% by 2030.
Turbine Industry Overview
The turbines market is fragmented. The key owners in the market include Dongfang Electric Corporation Limited, Harbin Electric Company Limited, Bharat Heavy Electricals Limited (BHEL), Mitsubishi Hitachi Power Systems Ltd (MHPS), Siemens AG, General Electric Company, Toshiba Corporation, and Doosan Heavy Industries & Construction Co. Ltd. among others.
Turbine Market Leaders
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Dongfang Electric Corporation Limited
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Harbin Electric Company Limited
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Mitsubishi Hitachi Power Systems Ltd (MHPS)
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Siemens AG
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General Electric Company
*Disclaimer: Major Players sorted in no particular order
Turbine Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Type
- 5.1.1 Wind Turbines
- 5.1.1.1 Onshore
- 5.1.1.2 Offshore
- 5.1.2 Steam Turbines
- 5.1.2.1 Combined Cycle
- 5.1.2.2 Steam Cycle
- 5.1.3 Gas Turbines
- 5.1.3.1 Combined Cycle
- 5.1.3.2 Open Cycle
- 5.1.4 Hydro Turbines
- 5.1.4.1 Reaction
- 5.1.4.2 Impulse
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5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 South America
- 5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Dongfang Electric Corporation Limited
- 6.3.2 Harbin Electric Company Limited
- 6.3.3 Bharat Heavy Electricals Limited (BHEL)
- 6.3.4 Mitsubishi Hitachi Power Systems Ltd (MHPS)
- 6.3.5 Siemens AG
- 6.3.6 General Electric Company
- 6.3.7 Toshiba Corporation
- 6.3.8 Doosan Heavy Industries & Construction Co. Ltd
- 6.3.9 Enercon GmbH
- 6.3.10 Vestas Wind System A/S
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityTurbine Industry Segmentation
The turbines market report include:
| Type | Wind Turbines | Onshore |
| Offshore | ||
| Type | Steam Turbines | Combined Cycle |
| Steam Cycle | ||
| Type | Gas Turbines | Combined Cycle |
| Open Cycle | ||
| Type | Hydro Turbines | Reaction |
| Impulse | ||
| Geography | North America | |
| Europe | ||
| Asia-Pacific | ||
| South America | ||
| Middle-East and Africa |
Turbine Market Research FAQs
What is the current Turbines Market size?
The Turbines Market is projected to register a CAGR of greater than 8.10% during the forecast period (2024-2029)
Who are the key players in Turbines Market?
Dongfang Electric Corporation Limited , Harbin Electric Company Limited , Mitsubishi Hitachi Power Systems Ltd (MHPS) , Siemens AG and General Electric Company are the major companies operating in the Turbines Market.
Which is the fastest growing region in Turbines Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Turbines Market?
In 2024, the Asia Pacific accounts for the largest market share in Turbines Market.
What years does this Turbines Market cover?
The report covers the Turbines Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Turbines Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Turbine Industry Report
Statistics for the 2024 Turbine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Turbine analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
